Tesla crashes on Wall Street, Musk bets on robots – Economy – Archyde

The record profit of 2021 is not enough for Tesla. On Wall Street, the electric car giant’s shares closed down 12%, burning up $109 billion in market cap in one session. What’s irking investors is the fact that Tesla isn’t launching any new models this year, instead focusing on the “Tesla Bot,” the robot Elon Musk is betting on. During the conference call following the presentation of the quarter, Musk explained that Optimus, the robot’s codename, is the “most important product” Tesla will develop this year because of its potential to revolutionize the economy. Optimus is currently more important than a new Tesla car model or any other vehicle because over time it could become “more meaningful than the auto business,” he said. Words that analysts say only serve to divert attention from a larger problem, namely supply chain bottlenecks that Tesla has warned will weigh on production in 2022.